Massey Knakal Sells Upper East Side Apartment Building
An apartment building at 554 East 82nd Street, located between York and East End Avenues on Manhattan’s Upper East Side has been sold in an all-cash transaction valued at $4,000,000.
The five-story building is twenty-six feet wide and is approximately 8,125 square feet. There are ten residential units, of which nine are free market, and one is rent stabilized. The building is in good condition with the majority of the units and common areas having been renovated during the last few years. The sale price equates to approximately $480 per square foot.
The property is split zoned between R8B and R10A and can take advantage of Section 77-11 (25 foot rule) of the Zoning Resolution which permits a lot split by two zoning districts to be developed (both as to use and bulk) by the district regulations governing more than 50% of the site. It can take advantage of the R10A regulations and would have approximately 25,360 buildable square feet subject to the Silver Law.
“This was a good sale for the owners who were able to capitalize on 2012's frothy market and a great acquisition for the buyers who now own an asset in one of NYC's best family neighborhoods. The property has the potential to be converted to a single family townhouse or a small condo project,”said Vice President of Sales Thomas D. Gammino Jr., who exclusively handled this transaction.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.